Property use Principal residence Rental or investment property Mixed or converted use Mixed and converted use require period-by-period records.
Filing-status group Single or nonqualifying joint case Married filing jointly The maximum home-sale exclusion differs for qualifying joint returns.
Expected gross sale proceeds Before selling expenses and debt payoff.
Original cost or starting basis Basis can differ for gifts, inheritances, exchanges, and converted property.
Capital improvements and other basis additions Repairs are not automatically basis additions.
Selling expenses Use transaction-specific commissions and eligible closing costs.
Depreciation allowed or allowable Include business or rental depreciation, even if not claimed, when applicable.
Your months of ownership during the five-year lookback For the $500,000 joint ceiling, at least one spouse generally must satisfy the 24-month ownership test.
Spouse’s months of ownership during the five-year lookback Enter zero for a nonjoint return. Title, community-property, and transferred-property rules may require review.
Your months of main-home use during the five-year lookback Use need not always be continuous.
Spouse’s months of main-home use during the five-year lookback Both spouses generally must satisfy the use test for the $500,000 joint ceiling.
Did you use a home-sale exclusion during the two-year look-back? No Yes Not established Choose “Not established” if records or dates are incomplete.
Did your spouse use a home-sale exclusion during the two-year look-back? No Yes Not established For a nonjoint return choose “No”; for a joint return this must be established separately.
Directional federal capital-gain rate Enter the rate for scenario comparison; actual bands depend on total income.
Directional depreciation-component rate Unrecaptured Section 1250 gain can be taxed at up to 25%; character varies.
Directional state/local rate State conformity and sourcing vary.
Gift, inheritance, prior exchange, installment sale, casualty, debt relief, foreign seller, or 1031 planning is involved These facts require transaction-specific basis and reporting analysis. 